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An alternative dynamic modeling framework for valuing prepayable debt is the price-process model developed by Murphy (1988).
Cisneros: We think the solution is to use five-year Section 8 certificates, instead of the traditional 15-year certificates [now offered to FHA project owners with prepayable mortgages.
The interest-bearing asset or liability is not prepayable (that is, able to be settled by either party prior to its scheduled majurity) except as indicated in the following sentences.
Finally, these long-term, fixed-rate mortgages are generally prepayable without a penalty, in the sense that the borrower can accelerate the repayment of principal or repay the entire amount at any time, at no additional cost.
This criterion does not apply to an interest-bearing asset or liability that is prepayable solely due to an embedded call option provided that the hedging interest rate swap contains an embedded mirror-image call option.
The term loans, which were completely sponsored at closing, need no amortization and are prepayable without penalty prior to maturity.
The company added that the loan matures on 15 January 2020 and is prepayable, without penalty, at any time.
This gives a base price of 6 percent for a jumbo, thirty-year fixed-rate, freely prepayable mortgage.
One criterion (Item 4) requires further explanation: the requirement that the lease agreement not be prepayable.
However, it can designate the option component of a prepayable instrument as the hedged item in a fair value hedge of the entity's exposure to changes in the fair value of that "prepayment" option, perhaps thereby achieving the objective of its desire to hedge prepayment risk.